Category : Employee Recognition
Maslow’s hierarchy of needs highlights recognition as a key factor in motivating individuals to higher engagement and self actualization. Every employer has to have some ideas about the types of awards to give employees for recognition in order to keep staff motivation high and consistent.
Employee recognition programs provide a platform for employers to promote motivation through communication and feedback for appreciation of great deeds and behaviors amongst managers and staff and well as between peers.
The importance of having a formal company or departmental recognition program is primarily to improve employee engagement.
A criteria used for recognizing individuals and teams needs to be communicated across the organization or department in which the employee recognition program is activated so that employees can connect with purpose of recognition, such as behaviors, values, tenure, etc . As each business exists for a unique purpose, this criteria will vary from one organisation to another.
A Shift In Employee Award Trends:
- According to the Forbes study done in 2012, there is a $46 billion market for employee recognition (gold watches, pins, thank-you awards, plaques, etc.), and this research shows that companies spend between 1-2% of payroll on such, 87% of the recognition programs using criteria for employee recognition as tenure, followed by above-and beyond performance and peer-to-peer.
However in 2013-2015, WorlatWork study has shown a significant shift in employee award trends. For the first time, a greater number of employee recognition programs use criteria for recognizing employees as motivation for specific behaviors. Recognition of behaviours linked to corporate values jumped fourth on this list with a 7% increase in 2011 to 41% in 2013.
These trends, definitely prove that it is time for most companies to catch up and review their employee recognition programs to achieve maximum returns and value to business. Whilst tenure shows appreciation to employee loyalty, using behaviors and company values to recognize staff promotes everyday appreciation and increased discretionary effort.
If you need help in reviewing or reviving your employee recognition program at an affordable rate, use the contact form below.